I just saw an article on http://www.n-tv.de (in German only) that Boeing wants to cut it's production from now 48 planes/month to 24 planes/month.
That would mean that for the first time Boeing would deliver less planes than Airbus. But the article also said that Boeing hopes that Airbus would also reduce the number of planes built since the demand for new planes is basically zero and there are enough planes available on the used-plane-market.

Airbus only delivers on average 20-25 planes a month anyway, and with all the stuff going on, I doubt they can keep it up. Their 340-600 program is in a bit of rough water as well - one of the two launch customers (Swissair) has cancelled all orders and the other (Virgin) is talking about delaying their purchases.

Airbus has a different approach to the situation. They think it is cheaper to keep employees now - even with orders slowing - than to fire and rehire them when business picks up. In the past this has caused several problems with Boeing, last time they had fired 1000s of employees and when they had to be rehired during the boom they first had to train them and had serious quality issues which led to a shut-down of several assembly lines. This was extremly costly. I think Airbus wants to avoid this, especially the drain of skilled workers.

i hope Branson decides to order 777-300ers instead of the a340-600s...imagine business and first class on a virgin 777!!!

About airbus, they will be suffering as well as boeing through these tough times. They fear they might not be profitable in 2 years due to the large cancellation of orders from airlines. Luckily they are owned by the government.

CEO of boeing said in the LA times he predicted a 3-4 year recovery period with Boeing and Airbus as well as an average loss of 100 billion dollars.